FRANKFORT, Ky. (AP) — Senior citizens would shoulder more of the tax burden in cash-strapped Kentucky under recommendations expected to be presented to the state Legislature for consideration next year.
A tax reform panel appointed by Gov. Steve Beshear approved a plan Thursday that could generate about $690 million a year in additional revenue — largely from retirees by taxing more of their pensions.
Some $485 million would come from extending the state's income tax to retirees who draw at least $30,000 a year. Social Security benefits would be exempt.
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